Magnora ASA

Regulatory Filings • Feb 6, 2024

The landbank of Helios Nordic Energy AB (a Magnora portfolio company) reaches 10 GW in Sweden and 1 GW in Finland

The landbank of Helios Nordic Energy AB (a Magnora portfolio company) reaches 10 GW in Sweden and 1 GW in Finland

6.2.2024 19:46:18 CET | Magnora ASA | Non-regulatory press releases

Throughout 2023, the land bank of Helios Nordic Energy grew threefold reaching

10 GW in February 2024. Helios has more than 8,200 MW of solar PV projects and

more than 1,800 MW of BESS projects in Sweden. A closer look at the portfolio

reveals a series of interesting trends.

Firstly, the rapid portfolio growth has been achieved without significant

additions in manpower. Rather, Helios's cost of land acquisition has come down.

Helios has become the natural choice for landowners, in part because the company

has proven its ability to find investors (compensation to landowners is mostly

contingent on solar parks becoming operational).

Secondly, Helios has emphasized diversification. The landbank with a balance

between BESS and Solar PV, a balance between Swedish regions, land

characteristics, and project maturity. The portfolio covers more than 150

projects and more than 200 land lease agreements of various sizes. This

diversity serves to de-risk the portfolio.

Thirdly, Helios is by far the largest developer in Sweden in terms of landbank,

but even further ahead in sales and deliveries having sold 24 PV projects with a

total capacity of almost 1 GW to top-tier energy companies such as German

Commerz Real, Danish Nordic Solar, Norwegian Hafslund and Solgrid. In 2023, the

team delivered five ready-to-build projects of approximately 170 MWp and targets

a substantial increase in the year ahead. This sales-driven approach forces an

emphasis on finding land and projects that can be built.

Outside Sweden, Helios has succeeded in its expansion to Finland where Helios

Nordic Energy Finland Oy has grown rapidly. Helios's net share of the Finish

portfolio is currently above 1.1 GW with 565 MW of Solar PV and 600 MW of BESS

projects.

"Our land acquisition team has worked very efficiently the past year increasing

the project pipeline with a broad range of new projects," says Andreas Tunbjer,

CEO of Helios Nordic Energy, and ads "the relatively large pipeline enables us

to increase our project development efforts in getting even more projects ready

for construction at a faster pace. We are also very satisfied with the quality

of the pipeline, as we have collected a lot of experience from the projects that

we have brought to the construction phase and delivered to our customers. We try

to be very selective on the sites we acquire."

"Magnora is very excited about Helios's development and profitable business

model for landowners and energy companies, and we look forward to 2024. We

expect a series of projects to be handed over to Helios customers and partners

and a correspondingly robust return of capital says Erik Sneve, CEO, Magnora

ASA".

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in

renewable energy development projects and companies. Magnora's portfolio of

renewable companies consists of Helios Nordic Energy AB, Kustvind AB, Magnora

Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol AS, Magnora South

Africa, and AGV. The company is listed on the main list on Oslo Stock Exchange

under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/2892/4031/Download%20announcement

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